George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
And if warrants run out in Dec 2023 and Navitas has still not got FID declared then the RKH board will want to raise more funds to keep the lights on.
We can only pray Navitas find a third partner before then.
RBL is one option.
Rockhopper loan is another.
With FID, if the SP has risen to 50p, it would mean just a 10% dilution to raise $35m.
Sell off the OM debt to lawyers.
Negotiate an increase loan from Navitas, of sell off another 1 or 2 %
There are options for Rock
Reserve Based Lending would be one option if no pizza money. Would think that is straight forward when Navitas has secured funding for the rest. IMHO
N.
I think what Penny or Pound is referring to, and it is a legitimate observation,
is that Rock might need to find $35million under this possible scenario.
''$1.3bn (capex) - $1.0bn (finance) = a gross JV equity contribution of $300m. We are on the hook for 35% of that which is $105m but we get 2/3 of that in the Navitas loan leaving us with $35m.''
This is only after FID, which is expected in 2024, which is also the year the annulment case is meant to conclude.
We are easily 90%+odds on for FID I feel, so the question for 2024 is, where might we find $35million??
Daikihaku1,
Because he's Godders in disguise.
Mogger
Why do you think so PennyorPound??
Which helps - but still leaves us in a potentially precarious position. As ever here it's fingers crossed
Appreciate these videos. But think there has been a few misunderstandings in the past couple.
I'm not sure you are understanding the below correctly:
"A final hearing in relation to Italy's request to annul the Award is scheduled to take place in Q1 2024. Guidance given by Rockhopper in the Company's 31 October 2022 announcement that the entire annulment process is likely to take 18-24 months from that date remains in place."
This doesn't mean the matter will conclude in 2026. Although it is slightly confusing, I believe what the paragraph is stating is that guidance given by RKH on 31st October 2022 that the entire annulment proceedings were likely to take 18-24 from that date (i.e 31/10/22). Not 18-24 months from the final hearing date in Q1 2024.
BlueDefender - I had considered that as a possibility - if you are correct, then the next OM news should be the annulment decision ( Q1 2024 ?)
Fresh look at Rockhopper post 23rd March Sea Lion update: https://www.youtube.com/watch?v=lkozWElsrZ8
Buffit, I suspect the answer lies in AlmaCogan's post!
If I were a betting man and clearly I am, having been invested here for 12 years! I would bet that neither side has requested a 30 day decision. Which makes sense. Would you make a time pressure on a group to make a decision in your favour?
P.S. So where's the decision ?
Someone else pointed out to me that because of different holidays in different countries, working days wouldn't make sense. Apologies for another unhelpful post.
The party requesting the stay must specify the circumstances requiring the stay.13 Upon request, enforcement shall be stayed provisionally until the Committee makes a final ruling on such request after having given each party an opportunity to present its observations.14 Once constituted, the ad hoc Committee shall, if either party requests, issue its ruling on the continuation of the provisional stay within 30 days. If the ad hoc Committee determines not to continue the stay, the stay shall automatically be terminated.15
Cannot see either in the rules where it says 30 working days , if they had meant working days suspect it would have been spelt out ie within 30 working days Gla
Is it 30 WORKING days ? I haven't found a definition yet re ICSID rules.
https://www.aljazeera.com/news/2023/1/28/italys-meloni-in-libya-to-conclude-8bn-gas-deal
au contraire, looks like Aiello is being moved on. Mipaaf is food and fisheries.
Does not look like Meloni is changing tac….they are Italians after all
https://www.agricolae.eu/ecco-tutti-i-capogabinetto-del-governo-meloni-al-mipaaf-va-aiello/?print=print
————
1
Here are all the cabinet chiefs of the Meloni government. Aiello goes to the Mipaaf
|
The Meloni government is moving fast and the collaboration offices of the Prime Minister and the heads of cabinet of the dicasteries have already been defined. At the Mipaaf the state lawyer Giacomo Aiello, who represents the Italian state in the dispute presented to the International Center for the Settlement of Investment Disputes (ICSID) by Rockhopper, an oil and gas company with based in the UK. According to Aiello's thesis, private arbitration is an expensive business that favors a handful of specialized lawyers while impoverishing states.
Collaboration offices summary:
Carlo Deodato – general secretary of the PCM
Riccardo Caputi – head of the PdC Meloni cabinet
Francesco Quadri – DAGL department head
Alfonso Celotto – head of the Casellati cabinet
Stefano Varone – Giorgetti head of cabinet (Dario Perrotta legislative office head, Ida Garibaldi spokesperson), Daria Perrotta – Mef Giorgetti legislative coordination
Alfredo Storto head of cabinet (Elena Griglio head of legislative office and Francesco Luciano head of technical secretariat) – Salvini (Vincenzo Nunziata head of cabinet deputy prime minister)
Domenico Siniscalchi – head of the Fitto cabinet
Giuseppe Recinto – head of the Valditara cabinet
Giovanni Panebianco – head of the Abodi cabinet
Mauro Nori – head of the Calderone cabinet (Concetta Ferrari general secretary)
Mario Antonio Scino – head of the Pichetto cabinet (Roberta Spada private secretariat, Fiorella Corrado spokesperson)
Giacomo Aiello – head of the Lollobrigida cabinet
Roberto Alesse – head of the Musumeci cabinet
Marcella Panucci – head of the Bernini cabinet
Federico Eichberg – Urso (legislative Giulio Veltri, technical secretary Marco Calabrò)
Arnaldo Morace Pinelli head of the Schillaci cabinet (Massimo Lasalvia head of the legislative office, Marco Mattei head of the technical secretariat, Giovanni Miele spokesperson)
Claudio Tucciarelli-Calderoli
Alberto Rizzo head of cabinet and Giusy Bartolozzi deputy - Nordio
Luigi Fiorentino head of cabinet - Zangrillo
Thenorseman, here is my last useful update from ICSID & most of us have been following this for a long time.
Supposedly 30 days, to decide on a "stay of enforcement", but that may be work days minus lots of holiday days :-)
https://icsid.worldbank.org/cases/case-database/case-detail?CaseNo=ARB/17/14
Director Bed & ISA: https://www.londonstockexchange.com/news-article/RKH/director-pdmr-shareholding/15911734
BW
Bigred
Let’s hope for 19.99p so that you know who doesn’t invade us again
GLA
Boboil
…so far while we are waiting
Bit of summary